What Happened to Drip Drop Ice Cream Cone After Shark Tank?
What is a Drip Drop Ice Cream Cone?
Drip Drop Cone is a disc-shaped accessory made entirely of waffle cone components. The ring is designed to fit tightly around the top of the ice cream cone and capture any melting drips.
The Drip Drop Cone removes ice cream stains and sticky fingers off clothing.
Who founded Drip Drop Ice Cream Cone?
Drip Drop Ice Cream Cone was invented by Sam Nassif and Oliver Greenwald, who began their artistic endeavors. The two young people are from Denver, Colorado.
As eighth-graders, they obtained a patent and were successful in their goal of producing an edible ice cream drip solution.
Sam is a business student at Champman University, while Oliver is a computer science student at Duke.
Sam and Oliver were two typical fifth-graders who were obsessed with ice cream. One day, they saw a mom straining to clean melting ice cream off her children’s faces and clothes, which sparked an idea.
In 2012, they developed and entered a version of the Drip Drop Cone into the Gate’s Invention Program, where they came in second place.
They entered the Gates Invention & Innovations competition while they were in fifth grade. Their gurus encouraged them to confront a shared issue.
They came up with Drip Drop after observing two filthy kids eating ice cream at a local ice cream shop. They had won the competition, and the first prize was a free patent attorney. They had a design patent and two more patents pending by 2015.
The Drip Drop is a simple solution to a complicated problem. It’s just an ice cream cone material ring that slides up a cone and captures all of the drips.
It’s edible, fascinating, and delicious. There are two flavors available: original and chocolate. The product will not be sold; rather, the men plan to license it to an ice cream cone producer.
They believe it will save ice cream shops a significant amount of money on napkins. The pouring ice cream mess is green because it is edible.
Their prize paid for a U.S. Design Patent in 2015, allowing them to bring the Drip Drop Cone to life. In 2018, they ran a successful Kickstarter campaign and gained 82 backers to fund Drip Drop’s inaugural investment of $7,047.
What Happened to Drip Drop Ice Cream Cone’s Shark Tank pitch?
Oliver and Sam decided to pitch their idea to Shark Tank investors to help them navigate the treacherous world of licensing.
Sam and Oliver approached the Shark Tank seeking $50,000 investment request in return for a 20% stake of the Drip Drop at a $250,000 valuation.
The Sharks are impressed with the boys’ performance, particularly Oliver’s remark that, while they lack driver’s licenses, they do have a patent.
Kevin O’Leary was interested in spending and sales. Sam goes on to say that they anticipate the Drip Drop will cost ice cream makers about $0.03 cents to create and that they will be able to sell them to ice cream parlors for about $0.10 cents.
In comparison, Robert Herjavec was curious about the price of ice cream cones.
Cones, according to Sam, cost about $0.05 cents. Mark Cuban asks if raising the cone’s price is a problem. Sam predicts that parents will pay an extra $0.25 cents to have their children’s cones be less dirty.
Barbara Corcoran notices that the remaining cones are pouring over the edges of the Drip Drops. A portion of the funding will be used to hire a food engineer to fine-tune the concept before it is offered to ice cream manufacturers, according to Oliver.
Mark Cuban believes the pair should take their concept to individual ice cream businesses and begin creating demand through test projects. He went out because he feels it requires too much work.
Robert Herjavec was vehemently against it. He feels the pair should go forward with their plan to market the Drip Drop to ice cream manufacturers. He doesn’t believe they require a Shark, and it’s too early for him, so he also went out.
Kevin O’Leary was overjoyed that they got a patent. He and Robert agree on the amount of effort necessary to obtain the license arrangement. He went out too.
Lori Greiner disagrees. She thinks licensing is the greatest choice, but she thinks the two can do on their own. She quit because she did not want to accept a cut of their revenue.
Drip Drop looks hopeless, but Oliver tells Barbara that “by investing in them, they’re educating every student in America that dreams can come true.” He believes they can solve the design concerns and that the Drip Drop will work.
Barbara admires their perseverance. She offers $50,000 in return for a 33.3% stake in the company. After some deliberation, the guys accepted her offer and walked away from the pitch with a deal.
What Became to Drip Drop Ice Cream Cone After Shark Tank?
Barbara’s deal did not go through. Since their episode aired in April 2016, Sam and Oliver have been working hard to develop their concept and bring their licensing deal to a manufacturer.
Time will tell whether this sweet deal nets these two young entrepreneurs a chilly lot of cash.
In early 2018, Oliver Greenwald resigned from the firm. They only had products in three Denver-area ice cream shops at the time.
Although Nassif, the creator of AlternaCare Health Inc., still has Drip Drop listed as “open” on his LinkedIn page, the website is no longer active, and the most recent Facebook post was on June 5, 2019.
Greenwald developed the Make Shit Happen app, which assigns users 5-minute social change duties while they use the restroom.
Drip Drop Ice Cream Cone’s Net Worth
During the pitch, the company was valued at $250,000; however, as of 2019, the firm has ceased operations, making the company’s net worth unavailable.
Drip Drop Ice Cream Cone FAQs
What were the brand’s best-selling products?
Drip Drop’s best-selling products were the Drip Drop Cone and the Make Shit Happen app.
What was Drip Drop Ice Cream Cone’s advertising strategy?
Drip Drop Ice Cream Cone does not advertise and relies on word of mouth for marketing.
Was Drip Drop Ice Cream Cone in any business partnerships?
Drip Drop Ice Cream Cone did not have any business partnerships at the time of the pitch.
Drip Drop Ice Cream Cone did not have a social media presence during the time of the pitch.
How did Drip Drop Ice Cream Cone work?
The Drip Drop Cone works similarly to the paper doilies that are placed under ice cream cones.
Did Drip Drop Ice Cream Cone have any patents?
Drip Drop Ice Cream Cone has a design patent for their product.
What was Drip Drop Ice Cream Cone made of?
The Drip Drop Cone was made from plastic and wood.
What did Drip Drop Ice Cream Cone cost?
The Drip Drop Cone was priced at $4 each and was sold for about $0.10 cents for the napkins.
What was the benefit of Drip Drop Ice Cream Cone?
The benefit of the Drip Drop Ice Cream Cone was that it could hold ice cream while it was being eaten.
What did Drip Drop Ice Cream Cone do to help the environment?
Properly disposing of used napkins would have the environmentally friendly effect of reducing litter along with helping protect animals.
Was Drip Drop Ice Cream Cone a scam?
No, Drip Drop Ice Cream Cone is not a scam; however, the product has been discontinued.
What was the size of Drip Drop Ice Cream Cone?
The Drip Drop Cone was approximately one inch tall and three inches in length.
How did Drip Drop Ice Cream Cone make money?
Profit was generated from licensing fees for the product and from selling the napkins for a profit.
Who founded Drip Drop Ice Cream Cone?
Drip Drop Ice Cream Cone is owned by Oliver Greenwald and Sam Greenberg, who created it in their Baltimore apartment with the help of three friends.
Where was Drip Drop Ice Cream Cone located?
Drip Drop Ice Cream Cone is based out of Baltimore, Maryland.
What happened to Drip Drop Ice Cream Cone?
Drip Drop Ice Cream Cone’s original design is no longer being sold.
